Business
Locafy Regains Compliance with Nasdaq Minimum Bid Price Requirement
PERTH, Australia, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY) (“Locafy” or the “Company”), a globally recognized software-as-a-service
About this update from Locafy Limited
[{"type":"text","content":"PERTH, Australia, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY) (“Locafy” or the “Company”), a globally recognized software-as-a-service technology company specializing in local search engine marketing, today announced that it has received notice from The Nasdaq Stock Market LLC (\"Nasdaq\") on December 22, 2022 informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the \"Rule\") for continued listing on the Nasdaq Capital Market and that the matter is now closed. On June 30, 2022, Locafy received notice from Nasdaq that the Company was not in compliance with the Rule, as its ordinary shares failed to meet a closing bid price of $1.00 or more for 30 consecutive business days. The Company conducted a 1-for-20 reverse split of its ordinary shares on December 7, 2022, to aid the compliance process. To regain compliance with the Rule, the Company’s ordinary shares were required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days. This requirement was met on December 21, 2022. For more information, please visit the company’s investor relations website at investor.locafy.com. About LocafyFounded in 2009, Locafy's (Nasdaq: LCFY, LCFYW) mission is to revolutionize the US$700 billion SEO sector. We help businesses and brands increase search engine relevance and prominence in a specific proximity using a fast, easy, and automated approach. For more information, please visit www.locafy.com. Forward-Looking StatementsThis press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy, although not all forward-looking statements contain these words. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and unc...